EU Commissioner: EU May Sanction Italy Over Budget if Deal Not Reached

08 Novembre, 2018, 14:42 | Auteur: Auguste Feret
  • Germany Screen Shot 2018 11 03

In the case of non-compliance of the European Commission Brussels can apply for a Rome in the court, and in the future - to enter against Italy financial sanctions.

Eurozone finance ministers stood their ground against the Italian government tonight, as it urged policymakers in Rome to revise its draft budget to align with European rules. The Commission has rejected the Italian budget. "Italy's budget is substantially deviating from the requirements so it would also require substantial adjustment", he said. There will be "neither compromise nor conflict" with the Commission, he added.

"This is a dialogue between the Commission and Italy".

His coalition partner, the Five Star movement's Luigi Di Maio, urged other European Union partners to embrace his government's policies, which he said are the only ones that can inject job-creating growth into Europe.

The standoff with Brussels has alarmed the financial markets and threatened a wave of ratings agency downgrades that could cripple Italy's teetering banks and sink the economy into recession.

Italian Finance Minister Giovanni Tria, right, talks to French Finance Minister Bruno Le Maire during a meeting of Eurogroup Finance Ministers at the European Council headquarters in Brussels, Monday, Nov. 5, 2018.

But there are fears as well that coming down too hard on Italy could galvanise anti-EU populists across Europe ahead of European elections next May.

"If you share a currency with many other countries, we all have responsibilities to each other and those responsibilities are now articulated in the rules that the European Commission oversees", Mr Donohoe told reporters on entering.

"This fight is going to be with us for a while", a eurozone diplomat told AFP.

EU's Barnier cannot say when Brexit deal could be reached
The EU wants to see a breakthrough within a week if leaders are to endorse any Brexit deal in November , official and diplomatic sources told Reuters.

Body found by police searchers in NT
The bodies of two adults and a child were found late on Wednesday near Willowra, about 300 kilometres northwest of Alice Springs. Relatives told authorities a 12-year-old boy had also been travelling with the young family, but he was missing from the scene.

Bizarre: Virat Kohli asks fan to leave India over minor reason
While adding that he didn't mind any sort of dislike towards him, the Indian skipper felt that one should get his priorities sorted before posting such comments.

"On Nov. 19 we'll hold an extraordinary Eurogroup here in Brussels and this meeting will be mostly dedicated to euro-area reform", Eurogroup President Mario Centeno tells reporters after the meeting. Yet the country's populist government is so far refusing to yield to pressure.

But this time, officials said it could instead act on its own economic forecasts, due on November 8, which are expected to show a far less optimistic scenario than the 1.5 percent GDP growth in 2019 predicted by the Italian government.

Italy's draft budget, which envisages an increase in the structural deficit by 0.8 percent of GDP next year rather than the 0.6 percent of GDP decrease required by EU rules, was rejected by the European Commission last month.

"We expect a new and revised DBP by the 13th of November and that is a necessity". "Never an Italy to its knees", he launched.

The coalition's 2019 budget is based on the country experiencing an annual growth of 1.5 percent - a figure considered optimistic by the International Monetary Fund, which has forecast only one percent.

The statement also stressed the importance of sufficient debt reduction, a clear message to Italy, which has the highest debt ratio in the eurozone after Greece.

Many officials say that, should Rome's borrowing costs on the market - already elevated on concern over the 2019 budget - rise to unsustainable levels, there would be no political will in the euro zone now to bail the country out.

The situation is reminiscent of the Greek debt crisis, except with Italy the size of a bailout would be so large as to make it virtually impossible.

Conseillé:

  • 'Half of it missing': Gruesome eye injury floors All Black

    Moody sustained the horrific injury during a training ground mishap during a run of the mill lineout drill. Hansen is likely to consider starting Karl Tu'inukuafe in the absence of Moody.
    Tesla names Robyn Denholm as chair to replace Elon Musk

    Tesla names Robyn Denholm as chair to replace Elon Musk

    A Tesla spokesman said Ms Denholm would receive an annual cash retainer of $300,000, with $8000 in stock options annually. Mr Musk agreed to step down as chair last month to resolve claims of fraud brought by United States financial regulators.
    Democrats capture House while GOP holds Senate, CNN projects

    Democrats capture House while GOP holds Senate, CNN projects

    Among those expected: Vice President Mike Pence and former House Speaker Newt Gingrich, an informal adviser to the president. All 435 seats in the House, 35 seats in the 100-member Senate and 36 of the 50 state governorships were up for grabs.
  • Win or lose, Cruz and O’Rourke may remain political forces

    Win or lose, Cruz and O’Rourke may remain political forces

    And early voter turnout has surpassed that from the 2012 presidential election. "They hate President Trump", Cruz said. Nearly five million people have voted early in the 30 Texas counties where 78 percent of registered voters live.
    Vijay-starrer Sarkar courts controversy with scenes on AIADMK govt schemes

    Vijay-starrer Sarkar courts controversy with scenes on AIADMK govt schemes

    The film got released in 408 screens across the state and thus making it the biggest ever release in the history of Kerala. Raju took exception to some of the scenes in the movie, which was released to mixed reactions on Diwali day on Tuesday.
    Managers at Chinese firm force staff to eat cockroaches, drink urine

    Managers at Chinese firm force staff to eat cockroaches, drink urine

    A video went viral on Chinese social media site Weibo in which a male employee was being beaten with a belt. As he was being whipped with a belt by another man, other people stood around him and watched.
  • Democrats win House, Republicans keep Senate

    Democrats win House, Republicans keep Senate

    Bill Nelson, D-Fla. will be the second Democrat to lose his Finance committee seat if he fails to overtake incumbent Gov. According to data compiled by The Associated Press, 237 women ran for the House as major-party candidates this year.
    European football body vow to protect domestic leagues

    European football body vow to protect domestic leagues

    The Premier League clubs have urged the most caution against the formation of a European Super League , according to the Daily Telegraph .
    United States  midterms: first Muslim women elected to congress

    United States midterms: first Muslim women elected to congress

    Mr Smith has taken a keen interest in African affairs, regularly convening hearings on conflicts and policy initiatives. Tlaib's win comes after the 2016 election of Trump spurred a record number of women to put their names on the ballot.
  • Save £85 on Amazon Echo Plus bundle this week

    Save £85 on Amazon Echo Plus bundle this week

    The good news is that you can shop online, the night before you eat all of that Thanksgiving turkey. Until then, you can see our picks of the early Amazon deals that are available right now.
    Man Sentenced For Vandalizing Trump's Hollywood Star With Ax

    Man Sentenced For Vandalizing Trump's Hollywood Star With Ax

    BuzzFeed noted that Trump's Hollywood star attracts its share of vandals. Donald Trump's star on the Hollywood Walk of Fame.
    Consumption of energy drink may disrupt vascular function

    Consumption of energy drink may disrupt vascular function

    They will present their research at the American Heart Association's (AHA) Scientific Sessions 2018 next week in Chicago, IL. The authors used data from 44 young young and healthy medical students, aged 20 years.


Populaire

Spotify allows Free Tier streaming on Connect-enabled speakers
You can also find out more about the Spotify Free service and the Spotify Premium subscription benefits and prices on the main Spotify site .

Man Surrenders And Charged With Murdering Angela Simmons' Ex
Shots were fired, and the suspect reportedly fled in a auto . "Thank you for leaving behind my greatest gift". The man who allegedly shot and killed Angela Simmons' ex-fiance has turned himself into authorities.

United Kingdom data commissioner fines pro-Brexit groups
More than a million messages were also sent to Leave.EU subscribers marketing the insurance firm, which traded under the name GoSkippy.

Women, and Especially Women of Color, Made History Last Night
Newcomer Ayanna Pressley of MA who ousted a 10-term incumbent in the primary will become the first black congresswoman from MA . Her victory in the USA midterm elections on Monday makes her the youngest woman ever to win election to Congress.

Au moins six blessés dans une fusillade en Californie
Au moins 12 personnes ont été tuées lors d'une fusillade dans un bar de Thousand Oaks, en Californie , informe la police locale. Selon Los Angeles Times , au moins 30 coups de feu ont été tirés.

United States midterm elections results as they come in
A separate storm front in central Tennessee overnight killed one person, injured two others and also left thousands without power. Among those expected: Vice President Mike Pence and former House Speaker Newt Gingrich, an informal adviser to the president.

Democrats seize House control, but Trump's GOP holds Senate
The Mueller probe into allegations of collusion with Russian Federation was handing out indictments of former Trump advisers. Mr Trump also congratulated the new governor-elect of Florida Ron DeSantis, who fended off a challenge from the Democrats.

Montclair lawyer accused of killing girlfriend captured in Cuba
A lawyer sought in the shooting death of his girlfriend inside their northern New Jersey home last month has been captured. Officials previously said that the child is now in the care of relatives.

Warsaw mayor bans far-Right march celebrating 100th anniversary of Polish independence
The statue will be official unveiled on Saturday as part of the centennial observances marking 100 years of Polish independence. The move prompted Polish leaders to quickly draw up plans for an inclusive march Sunday that could be embraced by all citizens.

Patriots sign offensive lineman Matt Tobin
Ferguson was released by Indianapolis on September 18, 2018, before being signed to the Houston practice squad on October 17. The Patriots made two roster moves on Wednesday filling the open active roster spot and the open practice squad spot.